NZD/USD Forex Signal - 21 January 2019

Adam Lemon

Last Thursday’s signals were not triggered, as none of the key levels were ever reached.

Today’s NZD/USD Signals

Risk 0.75%.

Trades may only be entered between 8am New York time and 5pm Tokyo time today.

Short Trade

  • Go short following bearish price action on the H1 time frame immediately upon the next touch of 0.6899.

  • Put the stop loss 1 pip above the local swing high.

  • Adjust the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

Long Trade

  • Long entry following bullish price action on the H1 time frame immediately upon the next touch of 0.6708.

  • Put the stop loss 1 pip above the local swing high.

  • Adjust the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

NZD/USD Analysis

I wrote last Thursday the price was making new lows and I expect that it would continues down to 0.6708 at least, so I took a bearish bias above that price.

This was a good call but the downwards movement took more time to play out, so it wasn’t very tradable during last Thursday’s session.

The price is now finally close to a clear and key support level at 0.6708 so we may see the beginning of a bullish turn here. However, it may take some time to play out.NZDUSDThere is nothing important due regarding either the USD or the NZD. It is a public holiday in the USA today.

About the Author
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

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